The Biodegradable Plastic Market size is estimated to reach US$3.8 billion by 2027, after growing at a CAGR of 12.4% during the forecast period 2022-2027. According to the Department for Environment, Food and Rural Affairs, the food industry in the United Kingdom grew by 49.4% between 2009 and 2019. The use of Biodegradable Plastic in foods and beverages has increased significantly. Biodegradable plastics made from renewable biomass, such as starch blends, polycaprolactone, polybutylene adipate terephthalate (PBAT), and polylactic acid (PLA), are used to make a variety of products such as bottles, films, packaged goods, automotive interiors, construction materials, and electronics. Consumer demand for food products is expected to rise as the population grows, and as a result, bio-pet is seeing emerging growth in the segment. 

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Biodegradable Plastic Market: Leading Segment is Food & Beverages Market

On the basis of the end-use industry, the Biodegradable Plastic market can be segmented into food & beverages, personal care & cosmetics, transportation, building & construction, electrical & electronics, the textile industry and others. The Biodegradable Plastic market’s leading segment has been evaluated to be food & beverages. During the forecast period 2022-2027, the food & beverages segment is expected to grow with a CAGR of 14%. Biodegradable Plastic is a tough material that can be used in environmentally friendly food packaging in place of traditional petroleum-based plastics. The Biodegradable Plastic market is being driven by rising demand for bio-plastic in the production of various food packaging. According to the United States Department of Agriculture (USDA), in 2019, Brazilian food industry sales amounted to $177 billion, an increase of seven percent compared to the previous year.

 Biodegradable Plastic Market: Leading Region in Asia-Pacific

On the basis of Geography, the Biodegradable Plastic market can be segmented into North America, South America, Europe, APAC, and EMEA. According to IndustryARC’s analysis, Asia-Pacific has emerged as the most profitable region in the market. In 2022, the Asia-Pacific region held a 41% share of the total revenue earned by the market globally. Asia-Pacific countries including the India and China are ahead comparatively in terms of consuming food products. Growing food production, farming trends, and government support policies for the food and beverages industry all contribute to the region's bio-plastic boom. Food and beverages are thriving as a result of rising industrial growth, a growing population, and government support policies in APAC. According to Invest India, India's food processing business is expected to reach US$470 billion by 2025, with consumer spending expected to reach $6 trillion by 2030. According to the China Chain Store & Franchise Association, the food and beverages (F&B) sector in China reached $595 billion in 2019, up 7.8% from 2018. The Biodegradable Plastic market will also gain demand from the North American region. The U.S. and Canada are emerging as competitive countries in the bioplastic market.

Biodegradable Plastic Market: Competitive Landscape

Key companies holding major shares in the Biodegradable Plastic market are M&G Chemicals SA, Teijin Ltd., The Coca-Cola Company, Toray Industries, Inc., Toyota Tsusho Corporation, Plastipak Holdings, Inc., Ford Motors, Gevo Inc., Far Eastern New Century Corporation, Indorama Ventures

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About IndustryARC: IndustryARC is a Research and Consulting Firm that publishes more than 500 reports annually, in various industries such as Agriculture, Automotive, Automation & Instrumentation, Chemicals and Materials, Energy and Power, Electronics, Food and Beverages, Information Technology, and Life sciences and Healthcare.